{"id":"https://openalex.org/W2611203159","doi":"https://doi.org/10.1137/16m1084870","title":"On the Optimal Management of Public Debt: a Singular Stochastic Control Problem","display_name":"On the Optimal Management of Public Debt: a Singular Stochastic Control Problem","publication_year":2018,"publication_date":"2018-01-01","ids":{"openalex":"https://openalex.org/W2611203159","doi":"https://doi.org/10.1137/16m1084870","mag":"2611203159"},"language":"en","primary_location":{"id":"doi:10.1137/16m1084870","is_oa":true,"landing_page_url":"https://doi.org/10.1137/16m1084870","pdf_url":"https://epubs.siam.org/doi/pdf/10.1137/16M1084870","source":{"id":"https://openalex.org/S897311980","display_name":"SIAM Journal on Control and Optimization","issn_l":"0363-0129","issn":["0363-0129","1095-7138"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310320508","host_organization_name":"Society for Industrial and Applied Mathematics","host_organization_lineage":["https://openalex.org/P4310320508"],"host_organization_lineage_names":["Society for Industrial and Applied Mathematics"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"SIAM Journal on Control and Optimization","raw_type":"journal-article"},"type":"article","indexed_in":["arxiv","crossref","datacite"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://epubs.siam.org/doi/pdf/10.1137/16M1084870","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5020814759","display_name":"Giorgio Ferrari","orcid":"https://orcid.org/0000-0002-2125-3301"},"institutions":[{"id":"https://openalex.org/I20121455","display_name":"Bielefeld University","ror":"https://ror.org/02hpadn98","country_code":"DE","type":"education","lineage":["https://openalex.org/I20121455"]}],"countries":["DE"],"is_corresponding":true,"raw_author_name":"Giorgio Ferrari","raw_affiliation_strings":["Center for Mathematical Economics, Bielefeld University, Bielefeld NRW 33615, Germany"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Center for Mathematical Economics, Bielefeld University, Bielefeld NRW 33615, Germany","institution_ids":["https://openalex.org/I20121455"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5020814759"],"corresponding_institution_ids":["https://openalex.org/I20121455"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":1,"citation_normalized_percentile":{"value":0.00678965,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"56","issue":"3","first_page":"2036","last_page":"2073"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9692999720573425,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9692999720573425,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.958899974822998,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.9508000016212463,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/debt","display_name":"Debt","score":0.6273342967033386},{"id":"https://openalex.org/keywords/optimal-control","display_name":"Optimal control","score":0.5631968379020691},{"id":"https://openalex.org/keywords/optimal-stopping","display_name":"Optimal stopping","score":0.5476769208908081},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.5394327044487},{"id":"https://openalex.org/keywords/debt-ratio","display_name":"Debt ratio","score":0.5302094221115112},{"id":"https://openalex.org/keywords/inflation","display_name":"Inflation (cosmology)","score":0.5000295639038086},{"id":"https://openalex.org/keywords/stochastic-control","display_name":"Stochastic control","score":0.4745367765426636},{"id":"https://openalex.org/keywords/government-debt","display_name":"Government debt","score":0.4304075539112091},{"id":"https://openalex.org/keywords/econometrics","display_name":"Econometrics","score":0.35896533727645874},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.2943815588951111},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.26234784722328186},{"id":"https://openalex.org/keywords/mathematical-optimization","display_name":"Mathematical optimization","score":0.2309114634990692},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.1610928773880005}],"concepts":[{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6273342967033386},{"id":"https://openalex.org/C91575142","wikidata":"https://www.wikidata.org/wiki/Q1971426","display_name":"Optimal control","level":2,"score":0.5631968379020691},{"id":"https://openalex.org/C99414536","wikidata":"https://www.wikidata.org/wiki/Q7098950","display_name":"Optimal stopping","level":2,"score":0.5476769208908081},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5394327044487},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.5302094221115112},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.5000295639038086},{"id":"https://openalex.org/C170131372","wikidata":"https://www.wikidata.org/wiki/Q7617811","display_name":"Stochastic control","level":3,"score":0.4745367765426636},{"id":"https://openalex.org/C2778489760","wikidata":"https://www.wikidata.org/wiki/Q12695","display_name":"Government debt","level":3,"score":0.4304075539112091},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.35896533727645874},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.2943815588951111},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.26234784722328186},{"id":"https://openalex.org/C126255220","wikidata":"https://www.wikidata.org/wiki/Q141495","display_name":"Mathematical optimization","level":1,"score":0.2309114634990692},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.1610928773880005},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0}],"mesh":[],"locations_count":7,"locations":[{"id":"doi:10.1137/16m1084870","is_oa":true,"landing_page_url":"https://doi.org/10.1137/16m1084870","pdf_url":"https://epubs.siam.org/doi/pdf/10.1137/16M1084870","source":{"id":"https://openalex.org/S897311980","display_name":"SIAM Journal on Control and Optimization","issn_l":"0363-0129","issn":["0363-0129","1095-7138"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310320508","host_organization_name":"Society for Industrial and Applied Mathematics","host_organization_lineage":["https://openalex.org/P4310320508"],"host_organization_lineage_names":["Society for Industrial and Applied Mathematics"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"SIAM Journal on Control and Optimization","raw_type":"journal-article"},{"id":"pmh:oai:arXiv.org:1607.04153","is_oa":true,"landing_page_url":"http://arxiv.org/abs/1607.04153","pdf_url":"https://arxiv.org/pdf/1607.04153","source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},{"id":"mag:2611203159","is_oa":true,"landing_page_url":"https://arxiv.org/pdf/1607.04153.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"arXiv (Cornell University)","raw_type":null},{"id":"mag:3125397090","is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:arx:papers:1607.04153","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:arx:papers:1607.04153","is_oa":false,"landing_page_url":null,"pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:econstor.eu:10419/324236","is_oa":true,"landing_page_url":"https://hdl.handle.net/10419/324236","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"doc-type:workingPaper"},{"id":"doi:10.48550/arxiv.1607.04153","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.1607.04153","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":null,"raw_source_name":null,"raw_type":"Preprint"}],"best_oa_location":{"id":"doi:10.1137/16m1084870","is_oa":true,"landing_page_url":"https://doi.org/10.1137/16m1084870","pdf_url":"https://epubs.siam.org/doi/pdf/10.1137/16M1084870","source":{"id":"https://openalex.org/S897311980","display_name":"SIAM Journal on Control and Optimization","issn_l":"0363-0129","issn":["0363-0129","1095-7138"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310320508","host_organization_name":"Society for Industrial and Applied Mathematics","host_organization_lineage":["https://openalex.org/P4310320508"],"host_organization_lineage_names":["Society for Industrial and Applied Mathematics"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"SIAM Journal on Control and Optimization","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.6800000071525574,"id":"https://metadata.un.org/sdg/8"}],"awards":[],"funders":[{"id":"https://openalex.org/F4320320879","display_name":"Deutsche Forschungsgemeinschaft","ror":"https://ror.org/018mejw64"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2611203159.pdf","grobid_xml":"https://content.openalex.org/works/W2611203159.grobid-xml"},"referenced_works_count":32,"referenced_works":["https://openalex.org/W1706880461","https://openalex.org/W1921096321","https://openalex.org/W1967170848","https://openalex.org/W1976984865","https://openalex.org/W1979738521","https://openalex.org/W1986179630","https://openalex.org/W2004328604","https://openalex.org/W2011168817","https://openalex.org/W2014523542","https://openalex.org/W2027874533","https://openalex.org/W2035240929","https://openalex.org/W2040505435","https://openalex.org/W2048556780","https://openalex.org/W2058819565","https://openalex.org/W2060061508","https://openalex.org/W2060564694","https://openalex.org/W2066225443","https://openalex.org/W2073097666","https://openalex.org/W2074812030","https://openalex.org/W2076867917","https://openalex.org/W2079246218","https://openalex.org/W2090069891","https://openalex.org/W2090150838","https://openalex.org/W2091303169","https://openalex.org/W2137390163","https://openalex.org/W2142493289","https://openalex.org/W2155339518","https://openalex.org/W2217046481","https://openalex.org/W2586863162","https://openalex.org/W2949062311","https://openalex.org/W3121924945","https://openalex.org/W4250637892"],"related_works":["https://openalex.org/W3125397090","https://openalex.org/W2912111663","https://openalex.org/W2922224322","https://openalex.org/W2887893637","https://openalex.org/W3121516122","https://openalex.org/W2551939582","https://openalex.org/W2164334093","https://openalex.org/W2521526399","https://openalex.org/W1875946268","https://openalex.org/W2137698130","https://openalex.org/W3016379773","https://openalex.org/W2911183804","https://openalex.org/W2384660247","https://openalex.org/W3126068793","https://openalex.org/W3151130210","https://openalex.org/W3124001558","https://openalex.org/W3125426749","https://openalex.org/W2982441366","https://openalex.org/W2082141369","https://openalex.org/W2950189598"],"abstract_inverted_index":{"Consider":[0],"the":[1,10,30,38,45,77,88,106,116,120,123,127,132,142,146,156,164,178,187],"problem":[2,51,57],"of":[3,16,34,42,87,92,122,131,145,177,180,189],"a":[4,17,24,53,64,102,110,160,181,190],"government":[5,20,157],"that":[6,76,151,162],"wants":[7],"to":[8,104,158],"reduce":[9],"debt-to-GDP":[11,124,165],"(gross":[12],"domestic":[13],"product)":[14],"ratio":[15,125,166],"country.":[18,133],"The":[19,134],"aims":[21],"at":[22],"choosing":[23],"debt":[25,46,79,147],"reduction":[26,80],"policy":[27,81,161],"which":[28,115],"minimizes":[29],"total":[31,39],"expected":[32,40],"cost":[33,41],"having":[35],"debt,":[36],"plus":[37],"interventions":[43],"on":[44],"ratio.":[47,148],"We":[48,98,149],"model":[49],"this":[50],"as":[52],"singular":[54],"stochastic":[55],"control":[56,108],"over":[58],"an":[59,93,168],"infinite":[60],"time":[61],"horizon.":[62],"In":[63],"general":[65],"not":[66],"necessarily":[67],"Markovian":[68,112],"framework,":[69],"we":[70],"first":[71],"show":[72,150],"by":[73],"probabilistic":[74],"arguments":[75],"optimal":[78,89,95,107,154,193],"can":[82],"be":[83],"expressed":[84],"in":[85,109,114,175,186],"terms":[86,176],"stopping":[90,96,194],"rule":[91],"auxiliary":[94],"problem.":[97,195],"then":[99],"exploit":[100],"such":[101],"link":[103],"characterize":[105],"two-dimensional":[111,192],"setting":[113],"state":[117],"variables":[118],"are":[119],"level":[121],"and":[126,140],"current":[128],"inflation":[129],"rate":[130,144],"latter":[135],"follows":[136],"uncontrolled":[137],"Ornstein-Uhlenbeck":[138],"dynamics":[139],"affects":[141],"growth":[143],"it":[152],"is":[153,173],"for":[155],"adopt":[159],"keeps":[163],"under":[167],"inflationdependent":[169],"ceiling.":[170],"This":[171],"curve":[172],"given":[174],"solution":[179],"nonlinear":[182],"integral":[183],"equation":[184],"arising":[185],"study":[188],"fully":[191]},"counts_by_year":[],"updated_date":"2026-07-28T07:46:37.118299","created_date":"2025-10-10T00:00:00"}